Table 2 Unit root tests Variable At...

Table 2

Unit root tests

Variable	At Level		First difference
Variable	Constant	Constant and trend	Constant	Constant and trend	I
Panel A: DF-GLS
GDP	−0.6058	−0.7120	−2.8811^a	−2.9221^a	I (1)
FI	−0.2088	−0.4784	−1.0925^a	−1.1417^a	I (1)
GCF	−0.1017^c	−0.1571^b	−0.6816^a	−1.1121^a	I (1)
DCP	−0.0477	−0.1076	−0.9940^a	−1.0914^b	I (1)
INFL	−0.3076^b	−0.3375^b	−1.5239^a	−1.5274^a	I (1)
TOPN	−0.0627	−0.0958	−0.9595^a	−1.2222^a	I (1)
Panel B: Ng-Perron test (MSB)
GDP	0.1410^b	0.1361^a	0.3681^a	0.3833^a	I (1)
FI	0.3356	0.2694	0.2334^b	0.2339^b	I (1)
GCF	0.2455^c	0.2455^b	0.1378^a	0.0967^a	I (1)
DCP	0.3889	0.2883	0.1318^a	0.1318^a	I (1)
INFL	0.2219^b	0.2134^b	0.1542^a	0.1546^b	I (1)
TOPN	0.3695	0.3141	0.1314^a	0.1005^a	I (1)

Variable	At Level		First difference
Variable	Constant	Constant and trend	Constant	Constant and trend	I
Panel A: DF-GLS
GDP	−0.6058	−0.7120	−2.8811^a	−2.9221^a	I (1)
FI	−0.2088	−0.4784	−1.0925^a	−1.1417^a	I (1)
GCF	−0.1017^c	−0.1571^b	−0.6816^a	−1.1121^a	I (1)
DCP	−0.0477	−0.1076	−0.9940^a	−1.0914^b	I (1)
INFL	−0.3076^b	−0.3375^b	−1.5239^a	−1.5274^a	I (1)
TOPN	−0.0627	−0.0958	−0.9595^a	−1.2222^a	I (1)
Panel B: Ng-Perron test (MSB)
GDP	0.1410^b	0.1361^a	0.3681^a	0.3833^a	I (1)
FI	0.3356	0.2694	0.2334^b	0.2339^b	I (1)
GCF	0.2455^c	0.2455^b	0.1378^a	0.0967^a	I (1)
DCP	0.3889	0.2883	0.1318^a	0.1318^a	I (1)
INFL	0.2219^b	0.2134^b	0.1542^a	0.1546^b	I (1)
TOPN	0.3695	0.3141	0.1314^a	0.1005^a	I (1)

Note(s): The values are the test statistic which are compared with test critical values/asymptotic critical values for the 1%, 5% and 10% significant levels. I is the order of integration while ^a, ^b and ^c are statistical significance at 1% a 5% and 10%, respectively

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